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TP Icap prepares Brexit contingency plan

TP Icap Plc said it will "need to do what is necessary" in 2018 to ensure it can provide uninterrupted services to clients after the U.K. leaves the EU in March 2019, adding that it is in talks with a number of European financial regulators about what is required should it choose to have its post-Brexit European hub in one of their locations.

The U.K.-based firm said its Brexit preparations have been "hampered by political uncertainty," which continues into 2018.

"As a result, we have now moved from analysis and planning, to decisions and action without a full understanding of the final outcome of the negotiations between the U.K. government and the EU," it said.

The company said it already has an "extensive" continental European footprint servicing EU clients from Frankfurt, Paris, Amsterdam, Madrid and other locations.

TP Icap reported full-year 2017 consolidated profit attributable to equity holders of the parent of £87 million, up from £44 million in 2016. Revenues came in at £1.76 billion in 2017, an increase from £892 million a year earlier.